Empire State Realty Trust Inc ( (ESRT) ) has released its Q4 earnings. Here is a breakdown of the information Empire State Realty Trust Inc presented to its investors.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Empire State Realty Trust, Inc. (ESRT) is a real estate investment trust (REIT) focused on New York City, owning a portfolio of modernized office, retail, and multifamily assets, including the iconic Empire State Building with its renowned Observatory. The company is a leader in energy efficiency and indoor environmental quality.
Empire State Realty Trust reported its financial results for the fourth quarter and full year of 2024, with notable achievements in leasing activity and a strong balance sheet. The Empire State Building Observatory was recognized as the top attraction globally for the third consecutive year.
In the fourth quarter of 2024, ESRT achieved a net income of $0.07 per share and a Core Funds From Operations (FFO) of $0.24 per share. For the full year, net income was $0.28 per share and Core FFO was $0.95 per share. The company signed over 1.3 million square feet of leases in 2024, maintaining a high leasing rate despite economic challenges. Additionally, the Observatory generated significant NOI growth, contributing positively to the overall financial performance.
Looking ahead, Empire State Realty Trust announced its 2025 outlook with an expected Core FFO per fully diluted share between $0.86 and $0.89. The company plans to maintain its focus on strategic leasing and operational efficiency to navigate potential market fluctuations and capitalize on growth opportunities.
